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Kew1's avatar
Kew1
Member
2 years ago
Solved

Discount given to owner - Expenses or Owner's Equity?

Hi, how do we account for meals eaten for free by restaurant owner? Are they treated as discount given (expenses) or record them as drawings in owner's equity? And how about the GST? Many thanks

 

 

  • DuncanS's avatar
    DuncanS
    2 years ago

    Kew1 

     

    Please talk to a Tax Accountant.

     

    The ATO has a Fact Sheet "Goods for own use".

     

    I believe a annual Journal is sufficient.

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  • DuncanS's avatar
    DuncanS
    Ultimate Partner
    2 years ago

    Kew1 

     

    Please talk to a Tax Accountant.

     

    The ATO has a Fact Sheet "Goods for own use".

     

    I believe a annual Journal is sufficient.

  • Zappy's avatar
    Zappy
    Valued Cover User
    2 years ago

    Duncan is right. This place is for help with MYOB and NOT free tax advice. How do you know who you are dealing with? And will they be around when you get audited?

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